{
  "docId": "019dd923-622c-750b-8b98-d4565c313b68",
  "docSlug": "207d3ac66ddd",
  "documentTitle": "Canadian Tire Corporation (CTC.A)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-12-05 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 68,
  "pageCount": 108,
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  "nextPage": 69,
  "slideType": "preempt_rebuttal",
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  "density": "dense",
  "nDataPoints": 75,
  "notes": "The slide uses a red box to highlight the discrepancy in leverage ratios caused by the exclusion of $1bn+ in guarantees.",
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      "kind": "callout",
      "text": "Leverage is significantly higher than it appears",
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      "kind": "callout",
      "text": "$1bn+ of guarantees not included in debt calculations",
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      "kind": "metric",
      "text": "Net Debt / EBITDAR: 5.4x",
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      "kind": "paragraph",
      "text": "We believe sell-side analysts are underestimating Canadian Tire's total exposure. This explains sell-side comments of CTC's strong financial flexibility while the rating agencies warn of a downgrade without reducing leverage.",
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      "kind": "source-note",
      "text": "Note: Q3'19 LTM EBITDAR of $1,986. 1) Dealer loans primarily relate to loans issued by Franchise Trust. 2) Guarantees of third-party bank debt agreements.",
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      "kind": "table",
      "text": "Debt comparison table across Spruce Point, TD, Scotiabank, Canaccord, and CTC Reported.",
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      "text": "True Exposure Is Significantly Higher",
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      "name": "Cost Of Inaction",
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